EghtesadOnline: Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support.
EghtesadOnline: Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States.
EghtesadOnline: OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
EghtesadOnline: Oil prices rose on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in US crude stockpiles and an OPEC+ estimate of a global oil market deficit this year.
EghtesadOnline: An estimated 350 million liters of oil and oil byproducts were supplied daily via pipelines in 2019, indicating a 65% rise over the last 40 years, managing director of the Iranian Oil Pipeline and Telecommunications Company said.
EghtesadOnline: It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the organization’s six decades as a dominant force in global oil markets.
EghtesadOnline: Oil prices fell for the first time in four days on Wednesday, slipping from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence about a potential pickup in fuel demand.
EghtesadOnline: From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus.
EghtesadOnline: The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.
EghtesadOnline: A Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month.